peHUB First Read

* David Pakman: VCs should not confuse traction with value. * Sequoia Capital reduces its website to a search bar? * Jeff Korzenik: Forget "L" or "V" shaped recoveries, and get ready for the "Q" recovery. * Morning Call: U.S. futures point lower, London falls early, European shares dragged down by China and financials, the Nikkei skids to 3-week low (despite Sanyo surge) and Chinese shares keep sliding. * Dan Frommer can't understand why 65% of all music sold in the U.S. is via compact disc. I would assume the answer is "car stereos." Pretty sure I was still buying cassettes until 1994, for that very same reason. * Sarah Lacy: Will Rosetta Stone's stumbles bleed into the IPO euphoria? * Time Mag notices the flood of PE firms that have filed for REIT IPOs, in order to take advantage of the distressed housing market.